Americans plan on spending less this Christmas as inflation concerns remain steady, poll
The most recent data from October shows that inflation increased 7.7% from the previous year.
Americans plan on spending an average of $867 this year on gifts, $65 less than expected in October, as consumers feel the impact of inflation, according to a new poll.
The Gallup poll also found Americans have decreased their spending expectations for the first time since 2020.
The projected less spending comes amid the decreasing value of the dollar due to inflation.
The Labor Department's inflation calculator shows that $100 in December of last year had the same buying power as $106 does now.
Meanwhile, the most recent data from October shows that inflation increased 7.7% from the previous year.